“One of the most interesting features of the movement at this period was the establishment in 1832 of an equitable labour exchange system in which exchange was effected by means of labour notes; this system superseded the usual means of exchange and middlemen.”

[Owen] opened two ‘Equitable Labour Exchanges’ in London and Birmingham. Workers exchanged their goods for special notes, which were valued according to the time needed to produce items: these notes could then be used to buy other goods, which were valued in the same way. An hour’s work was worth sixpence. This note from the Birmingham branch is worth ten hours; Robert Owen’s name can be seen to the lower right. The experiment failed because the exchanges became overstocked with goods which did not sell.
G.D.H. Cole, The life of Robert Owen, 3rd edition (Frank Cass, 1965)